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TOP STORY
CEO of SBTi to step down
The CEO of the Science Based Targets initiative (SBTi), Luiz Amaral, has decided to step down from his role for personal reasons, with the decision to take effect at the end of June and the process to replace him already underway.
VOLUNTARY
US-based soil carbon firm exploring sale options amid challenging voluntary market conditions
A US-based soil carbon removals platform has put itself up for sale amid challenges in the wider voluntary market, Carbon Pulse has learned.
Climate NGOs hit out at voluntary carbon offsets and call for outright ban
More than 80 non-profits have called for a carbon offset ban in climate regulations and company guidelines, arguing that they distract corporates from real decarbonisation.
Verra’s new REDD methodology could leave projects issuing no voluntary carbon credits, warns assessment body
Verra’s new consolidated methodology for avoided deforestation could lead to many REDD carbon projects being cancelled because they face the risk of being unable to issue voluntary credits, finds an assessment body.
UK local government pension fund partnership taps asset managers for £300 mln timberland investment
A group of UK local government pension funds has appointed two asset managers to allocate hundreds of millions of pounds in investments in timberland projects, some of which are expected to generate “high-quality” carbon offsets.
US DFC backs $1 bln BTG Pactual-led Latin American reforestation effort with $50 mln investment
The US International Development Finance Corporation (DFC) has pledged $50 million to catalyse a $1 billion reforestation initiative led by BTG Pactual Timberland Investment Group (TIG) in Latin America.
ACR unveils updates to US IFM carbon offset protocol aimed at baseline precision
International registry ACR unveiled Tuesday a series of updates in Version 2.1 of its Improved Forest Management (IFM) on Non-Federal US Forestlands methodology that it said increased the precision of its requirements for developing and evaluating conservative baseline scenarios.
US firms launch new voluntary soil carbon methodology
Two US companies have unveiled a new soil carbon methodology that will credit farmers for implementing sustainable practices as well as the resulting removal and storage of CO2.
European agtech firm secures €10 million in Series A2 funding round
A European agtech firm has secured €10 million in a second round of funding to boost its network of soil carbon removals projects, and plans to raise another €2-4 mln this year.
New metric proposed to help tackle long-distance travel emissions
Long-distance travel is a disproportionately large contributor to the UK’s transport-related carbon emissions, researchers have found, prompting them to propose a new metric to evaluate the effectiveness of reducing travel demand on CO2 output.
ASIA PACIFIC
China proposes modest reductions in long-awaited 2023-24 ETS allowance allocation plan
China’s environment ministry is proposing moderate reductions in the number of CO2 allowances it will hand out for 2023 and 2024 in the national emissions trading scheme compared to the previous trading period and provide more clarity on permit carryover rules, according to a draft allocation plan released Tuesday.
NZU stockpile shrinks by 25 mln following May surrender
The stockpile of privately held NZUs has shrunk by some 25.5 million units, according to government figures published Tuesday, thanks to the May 31 surrender deadline for emitters.
Indonesia targeting 15 CCS projects to be operational by 2030
The Indonesia government aims to have 15 CCS/CCUS projects online by 2030, its Ministry of Energy and Mineral Resource announced Tuesday, as the country continues to see it as integral plank of achieving its climate goals, while at the same time allowing its oil and gas sector to continue to grow.
South Korea, Vietnam establish joint committee on climate change cooperation
South Korea and Vietnam have established a joint committee to foster collaboration on climate change as they move to deepen their relationship on issues such as compliance carbon markets and projects generating credits under Article 6 of the Paris Agreement.
Taiwan finalises rules on domestic carbon credit trading
Taiwan has finalised regulations for the trading of domestically issued emissions reductions units, as the island seeks to complement a proposed carbon levy scheme that will be introduced in the next few years.
Malaysia says will ensure carbon credit exports don’t undermine NDC targets
The Malaysian government will make sure that its Nationally Determined Contribution (NDC) goals are not undermined by the sale of carbon credits abroad, the country’s natural resources minister told parliament Tuesday.
EMEA
Germany’s coal phaseout auction sets an example for cost-effective early retirements, study finds
The results of the world’s first coal phaseout auction, carried out in Germany, suggest that it is a transparent and potentially cost-effective way to push fossil power plants into early retirement, according to research published on Tuesday.
EU clears €32 bln aid for energy-intensive companies in Germany
Energy-intensive companies facing indirect emission costs in Germany will benefit from billions worth of state aid compensation, as the European Commission approved on Tuesday some amendments proposed to an existing national scheme.
EU net zero transition speeds up but still too slow, finds annual assessment
The EU is more on track to reach its climate neutrality goal than it was a year ago, but the pace of progress needs to accelerate to put the target within reach, according to an assessment of 124 net zero indicators unveiled by a consortium of researchers in Brussels on Tuesday.
DATA DIVE: How the UK Conservatives slipped on net zero
A Labour win in Thursday’s general election is likely to be good news for the UK’s chances of meeting its legally-binding target of net zero emissions by 2050, with the governing Conservative Party pledging a range of policies that risk being regressive for the climate.
Swedish biogenic CCS project to begin this year thanks to EU-approved aid
A Swedish project for biogenic carbon capture and storage is about to kick start with the first auction to open this year after the European Commission gave its blessing today to a €3 billion (SEK 36 bln) state aid scheme.
Euro Markets: EUAs burst into life to post biggest daily gain in six weeks on options, speculative trade
European carbon allowances exploded higher on Tuesday afternoon, dragging energy markets higher after a largely unchanged morning, as heavy options trading and hedging appeared to drive speculative buying and trigger stop-losses among some short positions to give EUAs their biggest daily gain in six weeks.
Egyptian carbon tax expected by year’s end -media
The Egyptian cabinet is in the final stages of drafting carbon tax legislation under its forthcoming 2024-30 tax policy strategy, with the final version expected before the end of the year, according to Egyptian media sources.
AMERICAS
Canada’s planned landfill methane reduction regulation to cut 107 MtCO2e from 2025-40, reduce offset potential
The Government of Canada released proposed regulations to reduce methane from municipal and privately-held landfills, estimating a benefit of slashing 107 million tonnes of CO2 equivalent to the end of the next decade, which would reduce eligibility of projects to generate offsets.
Panama launches emissions reporting platform as national carbon market takes form
The Panamanian environment ministry debuted a new voluntary carbon footprinting portal for the public and private sector on Friday, laying the groundwork for in-country emissions reporting, which forms the first half of plans for a national carbon market.
Rising temperatures, increased wildfires signal shifting US climate -report
Rising temperatures and a higher rate of wildfires are among the litany of symptoms of evolving climate patterns in the US, according to the fifth edition of a report published by the Environmental Protection Agency (EPA) on climate change indicators.
INTERNATIONAL
Google data centres push emissions nearly 50% higher than 2019 levels as AI footprint grows
Google’s carbon emissions have shot up 48% over the past five years, driven largely by data centre energy consumption, according to the company’s 2024 Environmental Report published this week.
Consortium launches cookstoves carbon methodology for projects under Article 6, voluntary markets
The Clean Cooking & Climate Consortium (4C), led by the Clean Cooking Alliance (CCA), has released a new methodology for crediting emissions reductions from cooking projects hoping to lend credibility to the market and boost investor confidence.
BIODIVERSITY (FREE TO READ)
Lidl partners with WWF to improve biodiversity conservation across its supply chain
German-headquartered retailer Lidl has partnered with conservation organisation WWF to enhance biodiversity protection throughout its value chain across 31 countries.
Canadian nature conservation certificate programme to remain small, expert says
Canada’s pilot for enabling companies to earn government-issued certificates for conservation achievements will remain small scale, an expert has predicted.
Financial institutions band together to advance biodiversity-related risk assessments
A group of financial institutions and consultancies have joined forces with a research institute to improve the assessment of biodiversity-related risks and opportunities to the financial sector, including estimating the economic impact of nature loss.
Sustainability-linked bonds increasingly tied to biodiversity, UNDP says
Biodiversity is increasingly included as a key performance indicator (KPI) in sustainability-linked bonds (SLBs), as the market is expected to accelerate compared to last year, a UN Development Programme (UNDP) official has said.
Biodiversity Pulse: Tuesday July 2, 2024
A twice-weekly summary of our biodiversity news plus bite-sized updates from around the world. All articles in this edition are free to read (no subscription required).
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MARKETPLACE LAUNCH
Supercritical launches a world-first in carbon removal: a multi-pathway marketplace with live pricing and availability data for 80% of the biochar market. This launch brings radical transparency to a traditionally opaque market. Underpinned by a rigorous 118-point vetting process, the marketplace ensures quality across biochar and other removal pathways. Real-time data empowers buyers to make informed decisions and transact effectively. Trusted by 1/3 of all corporate buyers, including The Economist Group and Virgin Atlantic, Supercritical is redefining carbon removal procurement. For companies committed to climate action, Supercritical offers a single place to navigate the carbon removal market. FIND OUT MORE
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BITE-SIZED UPDATES FROM AROUND THE WORLD
INTERNATIONAL
Tools of the trade – The UN has launched its online reporting tool for the Paris Agreement’s Enhanced Transparency Framework, the UNFCCC announced. These tools will enable countries to track crucial climate data and information, from GHG inventories to progress made implementing national climate plants, achievements, and support, it said. Data submitted through the new tools is an integral part of the information to be provided in Biennial Transparency Reports – the first round of which are due by Dec. 31, 2024.
Pre-meeting plans – Two weeks ahead of the Supervisory Body’s next meeting (SBM013), the agenda and the documents for consideration have been published on the UN website. Stakeholders can now provide input on the topics covered in the annotated agenda and related annexes via the public call for input. The deadline for feedback is July 8. Members of the Supervisory Body will meet in Bonn from July 15-18 to consider these documents and continue their work towards operationalising the Paris Agreement Crediting Mechanism under Article 6.4. Some progress was made in talks at the June inter-sessional summit last month, notably on a decision involving avoidance projects.
EMEA
Continued but cut back – The centre-right European People’s Party (EPP) wants a continued but reduced commitment to climate action and nature protection, according to a draft version of its priorities for the next European Commission, Euractiv reports. The draft document sets out the party’s policy priorities for the EU’s next five-year cycle and contains specific proposals for the incoming Commission’s 2024-29 Work Programme. The draft ‘5 Point Plan’ reaffirms the party’s commitment to the EU’s current 2030 and 2050 decarbonisation goals and commits to a clean energy transition, yet the text strongly emphasises the economic competitiveness and energy security dimensions of the energy transition. It also references the importance of staying ‘technologically neutral, though details some specific initiatives including boosting hydrogen production, investment in carbon capture and storage technology alongside creating market rules for carbon trading, and an alliance of small modular nuclear reactors. While the document also reaffirms the EPP’s ambition to revise the EU’s de facto ban on combustion engines, though its aim “to allow for the use of alternative zero-emission fuels beyond 2035” has already been secured in EU law. Also, under the EPP’s plans, the application of the deforestation regulation would be paused. Senior MEP Peter Liese said the EPP must advocate for a balance, emphasising the need to consider the economic interests of industries, agriculture, and SMEs, while reducing bureaucracy and promoting technological openness. As well, he stressed the importance of adapting industry frameworks to enable investments in climate neutrality, extending supportive legislation to all decarbonising industries and incorporating negative emissions into the EU ETS. Liese concluded by supporting keeping the ETS as the central mechanism for achieving the EU’s climate targets efficiently, though he urged better management of auction revenues to support both industry and citizens in the transition.
EN and VI? – Separately, Liese said the European Parliament’s environment and health committee (ENVI) is likely to be restructured to handle the increasing legislative load more effectively. He told journalists including Euractiv there is a growing consensus among different political groups to split ENVI into two separate committees, one for health and food safety and another for environmental and climate legislation. This change is prompted by the heavy workload experienced by ENVI in recent years, especially during the COVID-19 pandemic and the enactment of the Green Deal. However, not all groups support this split, with the S&D group opposing it and instead favouring a unified approach to health and environmental issues. The situation remains uncertain as discussions continue, with decisions expected soon.
Another benefit – A new study investigates the indirect impacts of the EU ETS on reducing hazardous air pollutants such as sulphur dioxide (SO2), fine particulate matter (PM2.5), and nitrogen oxides (NOx), alongside its primary objective of curbing CO2 emissions. The authors used a comparative analysis covering both regulated and unregulated sectors from 2005 to 2021, utilising the generalised synthetic control method to assess pollution reductions. Key findings suggest significant reductions in these pollutants in sectors regulated by the EU ETS, which could also translate into substantial health benefits potentially worth hundreds of billions of Euros. This outcome, the authors said, underlines the dual benefits of carbon market systems which, besides lowering carbon emissions, also contribute to improved air quality with corresponding health advantages. The paper also stresses the importance of considering these indirect benefits in policy appraisals and future research, suggesting that the overall effectiveness of carbon markets like the EU ETS might be underestimated when only direct carbon reduction is considered. This calls for more comprehensive policy evaluations that integrate broader social benefits, such as health improvements, which can also help garner public support for such policies. (PNAS)
Biofuels conundrum – Shell is to pause construction of its 820,000 tonnes/year biofuels facility at the Shell Energy and Chemicals Park Rotterdam, saying that it needs to address project delivery and ensure future competitiveness given current market conditions. Shell took a final investment decision for the planned facility in September 2021, which is designed to produce sustainable aviation fuel (SAF) and renewable diesel made from waste. Expenditure on biofuels to meet IEA roadmap targets will be between $11-13 trillion over the next 40 years, and around 3 bln tonnes of biomass per year will be needed in 2050. Yet biodiesel, renewable diesel, and biojet fuel producers are heading for a feedstock supply crunch by 2027 if current trends do not change, the IEA warns. Shell plans to invest $10-15 bln across 2023-25 to support the development of low-carbon energy solutions including e-mobility, low-carbon fuels, renewable power generation, hydrogen, and carbon capture and storage. (gasworld.com)
Net-positive contribution – UK waste-to-energy operator Enfinium diverted over 2 mln tonnes of unrecyclable waste from landfill in 2023, meaning that over 450,000 tonnes of atmospheric emissions were diverted, the company said in its latest ESG report. The UK generates around 27 Mt of unrecyclable or unreusable waste annually and Enfinium processes the waste it receives into power for the National Grid, with the 2 mln tonnes of unrecyclable waste recovering enough electricity to power half a million homes. Its wider ambition is to transform its facilities into local ‘decarbonisation’ hubs, and with carbon capture and storage technology installed, these will have the potential to produce up to 1.2 mln tonnes of reliable, high-quality carbon removals by 2039, it says.
State aid – The European Commission has approved a €158 mln Dutch scheme to support investments for the production of equipment necessary to foster the transition to a net-zero economy. The aid will take the form of direct grants. The measure will be open to companies producing relevant equipment, namely batteries, solar panels and electrolysers, as well as the production of key components of such equipment and the production or recovery of related critical raw materials.
Blue chip footprint – The carbon footprint arising from Germany’s blue chip companies, the 40 largest listed companies in the DAX stock market index, will cause global temperature rise of almost 5C if they fail to implement their own climate targets, wrote newspaper Frankfurter Allgemeine, based on a report by climate tech company Right. Just eight of the 40 DAX companies have already set climate targets that are compatible with the 1.5C Paris Agreement target, Frankfurter Allgemeine wrote. If the world had the same climate performance as the companies, based on their current carbon footprint, global warming would reach 4.9C by 2100, the “What if” report concluded. Extrapolating current emissions, DAX companies are on a path to between 3-8C of warming, while under a scenario where all their climate targets are achieved, global warming would be between 1.2C and 6.5C, the authors found.
ASIA PACIFIC
CCU potential – Japan’s JGC Holdings Corporation has been awarded by Siam Cement Group – Cement and Green Solution Business (SCG – CGS), one of the largest cement manufacturers in Thailand, to conduct a pre-feasibility study for a carbon capture and utilisation (CCU) facility that treats cement plant exhaust, it announced Tuesday. JGC said the study will involve the construction of a CCU facility to capture CO2 emitted from SCG’s cement plant before it is released into the atmosphere and convert the emissions into new chemical products.
In a first – Thailand’s satellite and telecommunication services provider Thaicom (THCOM) has become the first company in the country to obtain a license as a carbon credit assessor from the Thailand Greenhouse Gas Management Organization (TGO). The firm will receive the license by mid-July, as it begins to implement satellite technology to initiate the assessment process on a 100,000-rai (16,000 hectares) forest area belonging to the Mae Fah Luang Foundation, as a part of Thailand Voluntary Emission Reduction Program (T-VER) project. The TGO plans to expand the project to include areas owned by the state-owned petroleum company PTT Group in Thailand and Laos.
Closer cooperation – Australia and Indonesia signed an MoU Tuesday in Jakarta to deepen the two countries’ cooperation on the energy transition. The Australian Embassy in Jakarta will work closely with Indonesia’s Ministry of Energy and Mineral Resources to identify opportunities for collaboration with a focus on renewable energy grid integration, energy efficiency, and clean energy supply chains, according to an Australian readout of the signing ceremony. Indonesia’s side said the two countries would cooperate on a number of workstreams, including CCUS, energy efficiency, hydrogen, critical minerals, and a just energy transition, among others. It follows the launch of the Australia-Indonesia Climate Infrastructure Partnership, dubbed KINETIC, in March.
AMERICAS
Pause on the pause – On Monday evening, Judge James Cain from the Western District of Louisiana issued a preliminary injunction favouring 16 Republican state attorneys general in their lawsuit against the US Department of Energy’s pause on LNG exports to non-free trade agreement nations. While partially dismissing the DOE’s motion, Cain rejected claims against President Joe Biden. The judge largely supported the plaintiffs’ stance, highlighting that LNG could replace fuels with higher emissions and that the industry relied on previous approval precedents. Despite granting an injunction to halt the DOE’s export pause, Cain noted that this might not promptly resolve frozen authorisations, as the DOE still holds considerable discretion under the Natural Gas Act. The legal backdrop includes a series of petitions and motions between February and June 2023, highlighting the DOE’s consistent stance that the pause wasn’t a formal ‘order’ and didn’t immediately qualify for judicial review, leading to a complex legal battle involving multiple states and industry groups. The case, still unfolding, may see further appeals from the DOE, which recently expressed disagreement with Cain’s ruling. Experts say the political implications are also significant, especially considering the potential electoral influence in pivotal swing states like Pennsylvania. The outcome of this legal dispute could impact future decisions on US energy policy and election dynamics, they added.
Climate disclosure delayed? – The California Department of Finance released budget trailer bill language on Friday that would delay the implementation of Senate bills 253 and 261 by two years, until 2028, reported Climate Wire. The laws require large businesses to report their GHG footprints and exposure to climate risk. Sen. Scott Wiener – chair of the powerful Senate Budget Committee and SB 253 author – said he opposed the administration’s proposal and that it doesn’t reflect an agreement with lawmakers. “The Legislature has *not* agreed to the administration’s proposed delay to SB 253’s implementation. The administration’s proposal significantly delays the implementation of a landmark climate action law that already has a 6-year phase-in,” he said in a statement. (E&E News)
EPA lawsuit line grows – Two energy suppliers – Montana-Dakota Utilities Company and Rainbow Energy Center – have joined the litany of organisations to have filed a petition to review controversial EPA power plant standards finalised in late April. The standards include a rule that existing coal-fired power plants and new gas-fired plants capture 90% of their emissions by 2032, and many petitioners contend the feasibility of the rule, as well as warn of its potential effects on grid reliability and cost.
Iowa CO2 pipeline expansion? – Summit Carbon Solutions, which recently gained approval from Iowa regulators for its CO2 pipeline system in the state, wants to proceed with expansion requests for that system starting in late August. SCS has proposed new public informational meeting dates for 23 counties that would span about four weeks, according to documents recently filed with the Iowa Utilities Commission. The first meeting would be Aug. 26 in Adams County. SCS must hold the meetings in affected counties before it can negotiate with landowners for easements and file petitions for permits to build the extensions. (Iowa Capital Dispatch)
Retrofit – An $80 mln carbon capture project at a coal-fired power plant in Springfield, Illinois – the largest of its kind in the world – has commenced operations as of Tuesday, the University of Illinois announced. Springfield utility City Water, Light, and Power’s Dallman 4 coal-fired power plant received funding from the US DOE, the University of Illinois’ Prairie Research Institute, and industrial firm Linde/BASF to conduct large-scale pilot testing of post-combustion carbon capture technology. The DOE said that successful construction and operation of the test plant would help enable commercialisation of the technology, and demonstrate its economic effectiveness.
SCOTUS passes – Four days after the US Supreme Court wiped out the Chevron doctrine, the justices declined to dig in on another legal theory that could deal a massive blow to federal agency powers. In orders issued Tuesday, the justices rejected Allstates Refractory Contractors v. Su, a case that targeted the “nearly unfettered” power of the federal government to write permanent safety standards for US businesses – and which could have curbed the ability of Congress to hand power to agencies like EPA, reported Greenwire. Two justices – Clarence Thomas and Neil Gorsuch – indicated in Tuesday’s orders they would have voted to take up Allstates, which had asked the Court to revive the long-dormant nondelegation doctrine, which bars legislators from handing too much power to agencies. (E&E News)
California carveout lawsuit – A group of fossil fuel interests are asking the US Supreme Court (SCOTUS) to review California’s authority to set stricter emissions standards for cars and trucks than those set by the federal government, reported E&E News. The groups are asking SCOTUS to review an April ruling by the US Court of Appeals for the District of Columbia Circuit that upheld the Golden State’s authority to set more ambitious state clean vehicle air standards. The petitioners submitting the request to SCOTUS include the American Fuel & Petrochemical Manufacturers, the Domestic Energy Producers Alliance, Energy Marketers of America, the National Association of Convenience Stores, and a number of biofuel and agricultural organisations, according to the outlet.
CO2 storage in WY – The US Bureau of Land Management (BLM) is soliciting input on a draft environmental assessment that considers a right of way for the Southwest Wyoming CO2 Sequestration Project proposed by Moxa Carbon Storage. The project would store CO2 in some 605,100 acres (224,900 ha) of sub-surface federal pore space beneath Lincoln, Sweetwater, and Uinta counties in Wyoming. The agency said no BLM-administered surface area would be disturbed for the project. Moxa Carbon is also working with the Wyoming Department of Environmental Quality on required permits for Class VI Wells, it added. If granted, the permits would allow Moxa Carbon to construct and operate CO2 injection wells on non-federal lands, while the CO2 would be stored in federally owned pore space underground.
Geothermal takes shape – Geothermal project developer Fervo Energy last month completed two power purchase agreements totalling 320 MW with utility Southern California Edison (SCE). Their 15-year agreements for geothermal energy will provide power equivalent of 350,000 homes across Southern California. SCE will purchase the electricity from Fervo’s 400 MW Cape Station project currently under construction in southwest Utah. The first 70 MW phase of the project is expected to be operational by 2026 and the second phase will be operational by 2028. The California Public Utilities Commission in 2021 issued a mid-term reliability (MTR) mandate requiring utilities to procure 1,000 MW of non-weather-dependent, non-battery, zero-emission energy to increase the reliability of the state’s electric grid. This decision catalysed demand for geothermal, said Fervo, which provides firm, carbon-free power, filling gaps left by weather-dependent renewables like solar and wind.
It goes deeper – The Brazilian Federal Police (PF) have identified alleged illicit payments to at least 10 civil servants as part of the ‘Operation Greenwashing’ investigation into an alleged carbon credit fraud scheme worth R$180 mln ($32 mln) in sales. The civil servants identified would be from the national land reform agency (Incra), the Amazonas Environmental Protection Institute (Ipaam), and the Amazonas State Secretariat for Cities and Territories, according to a PF report obtained by Brazilian news outlet GLOBO. Prior findings by the investigation held that the alleged scheme had involved fraudulent certificates, insertion of false data in registry offices and public agencies, illegal land appropriation, and co-optation of notary offices.
VOLUNTARY
Reporting season – Gold Standard published its 2023 annual report, confirming it had added 376 new projects to its pipeline, as it reached 1,500 certified projects since the organisation’s inception. Gold Standard said its annual carbon credit issuances grew by 41%, and organisations retired 29 mln Gold Standard credits, also an increase from 2022.
Verra update – Verra is inactivating its methodology quantifying N20 emissions reductions from cropping systems as of July 1. The methodology – Verified Carbon Standard (VCS) Methodology VM0022 Quantifying N2O Emissions Reductions in Agricultural Crops through Nitrogen Fertilizer Rate Reduction, v1.1 – is being discontinued due to no projects having been registered under it in the VCS programme and because it uses an outdated approach to quantifying N2O emission reductions. Furthermore, the methodology’s GHG quantification approaches do not provide a full accounting of potential GHG emissions, including changes in soil organic carbon (SOC) stocks, Verra says. Due to this inactivation, Verra will no longer continue with the major revision to VM0022 and shall instead scope out updated nitrogen management and N2O reduction approaches and guidance as part of a major revision to VM0042 Methodology for Improved Agricultural Land Management, v2.0. Stakeholders are invited to complete a pre-consultation survey on the revision toward VM0042, v3.0 here.
CDR partnership – Ratings agency Sylvera is teaming up with data platform CDR.fyi to scale up CO2 removals with improved data success, they announced today. With estimates of up to 10 GT of carbon removals needed annually by 2050, and just 2 GT today removed, the market for CDR needs to scale considerably and lack of data for investors has been a key hurdle holding it back, they say. The partnership aims to improve the data visibility and actionability of engineered and hybrid CDR projects in order to provide more funding to scale effective solutions. The information will be available on the Sylvera Project Catalog, in addition to the 60+ projects already available from registries including Puro.earth and Verra, and will allow customers to search and discover new suppliers and projects that might be a fit for their portfolios and goals. The intention is also to offer ratings of CDR projects as data access improves.
Sustainable dairy – The Danida Green Business Partnership, supported by the Danish Ministry of Foreign Affairs, is funding a new €3.4 mln project aimed at developing a sustainable dairy industry in Southwest Bangladesh. The project plans to engage 10,000 Bangladeshi farmers, primarily women, to create a more sustainable and productive dairy value chain. It aims to reduce GHG emissions by 30% and increase farmer incomes by 30%, with potential scaling to benefit 50,000 farmers. The initiative, titled “Green Dairy Partnership in Bangladesh,” leverages Danish sustainable dairy expertise from Arla Foods and SEGES Innovation. It focuses on five key areas: feed efficiency, feed balance, animal robustness, manure handling, and efficient land use. These measures are expected to contribute 25% of the project’s emission reduction goals, with additional process optimizations aimed at achieving further reductions. The project not only aims to transform the local dairy sector but also to serve as a model for broader green transformation in the industry. It is managed by Solidaridad Network Asia and features several key partners including PRAN Dairy and the Danish Agriculture & Food Council. Training and support are provided to enhance productivity and sustainability practices among farmers. (Food Ingredients First)
Rock stars – FabricNano and Veolia have launched a pioneering partnership focused on utilising enzymes to enhance the process of storing atmospheric CO2 through enhanced rock weathering (ERW). Their trial project near Bicester, UK employs basalt rock fines from local mines. These rocks, when spread on the ground, react with CO2 in rainwater, creating a permanent carbon store. The efficiency of current ERW processes is generally hindered by limitations in mass transfer and the rate of carbonic acid formation from CO2 in water. By immobilising enzymes on the rocks, the process is significantly accelerated, allowing the use of larger rock particles and reducing the time needed for carbon sequestration. The enzyme used, commonly found in agricultural soil, is optimised for attachment to silicate rocks like basalt. It enhances the conversion of CO2 and water into carbonic acid, which then reacts with minerals in the rock to neutralise the acid and weather the rock. FabricNano and Veolia are conducting accelerated ERW tests in 1-L reactors in the lab, introducing CO2 at higher rates than atmospheric levels to simulate and study the process efficiently. Building on these laboratory successes, the partnership plans to expand their trials to over ten additional sites, each ranging from 5 to 30 hectares, within the year. (Carbon Herald)
Sceptical survey – More than 90% of UK professionals believe that greenwashing is still prevalent across industries, with four-fifths of respondents expressing concerns regarding the use of carbon offsetting schemes, according to the recent National Environmental Services Survey 2024, conducted by the Environmental Services & Solutions Expo (ESS). In the 2023 ESS survey, about a quarter of respondents stated a strong desire to prevent greenwashing; while a year later, more than 40% of respondents believe that greenwashing is still “very prevalent” across industries. The survey collected opinions from some 1,500 professionals across the environmental services industry. Nearly 47 new climate and greenwashing cases were filed against corporates and governments last year and of the 140 cases reviewed between 2016 and 2023, 54 were judged in favour of the claimant. Around half of respondents said they do not believe their organisation to be conducting regular sustainability audits and supplier assessments, while only 3% said that their organisation is currently net zero. As many as 80% of participants expressed concerns regarding the credibility and transparency of carbon credit offsetting schemes, and while 11% of respondents agreed “strongly” that carbon offsetting is a viable strategy for achieving net-zero emissions, about 13% “strongly disagreed”. Further, less than half of respondents (41%) feel that current government policies are in support of net zero. (edie)
CO2 sorbent scale-up – Dotz Nano has completed a big scale-up of its plastic waste-to-CO2 sorbent synthesis process, increasing production capabilities by some 1,000 times, it announced today. The advancement enables the production of hundreds of grams of sorbent in a single batch, using a newly commissioned large-scale pyrolysis reactor. While the enhanced sorbent also shows better absorption and selectivity, potentially reducing carbon capture costs. The Israel-based startup aims to move from lab-scale to industrial pilot this year, it told Carbon Pulse in February.
Biochar guide – The International Biochar Initiative and Hamerkop have published A Manual for Biochar Carbon Removal, providing a roadmap for biochar producers, investors, and stakeholders keen on understanding the intricacies of biochar carbon removal certification. The guide aims to provide an overview of the various methodologies established by leading certification standards. It’s designed for producers and investors to select the most appropriate approach for their specific biochar projects. Available to download here.
Supply for demand – Project developer BluSky Carbon announced a multi-year brokerage and MRV agreement with marketplace Carbonfuture, the companies announced Tuesday. The agreement would effectively see BluSky as a supplier of carbon removal credits for Carbonfuture’s marketplace. BluSky CEO Will Hessert said the firm’s ability to pass Carbonfuture’s “stringent” due diligence process is a “testament to our team’s professionalism and operational excellence”. BluSky recently secured its first offtake deal for biochar credits in a $1.25 mln agreement to German travel and logistics company Squake, while earlier in the month, its IPO was accepted for listing on the Canadian Securities Exchange with common shares trading under ‘BSKY’.
INVESTMENT
Built on solid BlackRock – BlackRock funds with specific climate change mandates will vote differently on shareholder proposals than the rest of the $10.5 trillion asset manager’s holdings, marking its latest effort to address the political divide over decarbonisation, the FT reports. The world’s largest asset manager announced on Tuesday that its new policy allows clients in climate-focused funds to adopt an activist stance on shareholder proposals concerning decarbonisation. The policy will start applying to 83 funds, all domiciled in Europe, and marks an attempt from the investor to balance the demands of its US and European clients. All BlackRock funds view climate as a risk factor impacting financial performance, but funds adhering to the new “climate & decarbonisation stewardship guidelines” will assess whether companies are actively working to limit the global temperature increase to 1.5C above pre-industrial levels. BlackRock CEO Larry Fink, an early advocate for incorporating sustainability into investing, emphasised climate change action in an annual investor letter a few years ago, however, he has since faced criticism from various sides. Earlier this year, BlackRock scaled back its involvement with Climate Action 100+.
AND FINALLY…
Too hot to handle, part 1 – The Biden administration has introduced new regulations to protect approximately 35 mln US workers from extreme heat, a response to increasing temperatures due to climate change. The proposal aims to prevent heat-related injuries, illnesses, and deaths by enforcing safety measures like providing water, rest, and shade. This comes as high temperatures this summer have already caused significant health emergencies and fatalities. Despite being a significant step by the Occupational Safety and Health Administration (OSHA), which had previously not instituted such rules, the regulation’s future is uncertain, particularly under potential opposition from former President Donald Trump, who has criticised Biden’s climate policies. The rules, expected to be finalised by 2026, also mandate paid rest breaks and periodic checks on workers in high heat conditions. This initiative represents a critical move towards enhancing worker safety in light of rising temperatures. (E&E News)
Too hot to handle, part 2 – Extreme heat waves have cost Californians at least $7.7 bln over the last decade and killed nearly 460 people, according to a report released Monday by California Insurance Commissioner Ricardo Lara. While nearly every Californian was somehow affected, people of colour and older people suffered the most impacts to their health, according to the report, which also warned that extreme heat is more threatening to Californians than wildfires. The first-of-its kind analysis by the Insurance Department shows the staggering and wide-ranging impacts of extreme heat right at the beginning of a week of triple digit temperatures that will bake inland California. Key findings also highlight significant health risks, economic disruptions across several sectors, and extensive infrastructure damage. As well, the report discusses the current lack of comprehensive insurance coverage for losses related to extreme heat, indicating a critical area for development. The study calls for urgent action to improve resilience against extreme heat through innovative insurance solutions, infrastructure adaptations, and policy changes aimed at mitigating the impacts of future heat events. Recommendations include enhancing public and private sector collaboration, developing heat action plans, and advocating for policies that ensure equitable protection for all communities against extreme heat risks. The report comes a day after Gov. Gavin Newsom signed a budget that eliminated millions of dollars previously planned for cooling and resilience centres and a programme to track heat-related hospital visits. Lawmakers over the weekend released proposed language for a climate bond on the November ballot that would raise around $400 mln for extreme heat programs — including $100 mln for resilience centres — if approved by voters.
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